As per one of the sources, Google is planning to offer customers checking accounts. To take on this endeavor Google is planning to partner with Stanford University’s credit union and Citigroup.
While speaking to the press, one of the spokesperson of the company stated that at present Google is trying to explore the options how to partner with credit union and banks so that it can offer checking accounts with the help of Google Pay. This will help many customers through budgeting tools and useful insights and securely keep all of their money at NCUA or FDIC accounts.
Moreover, the company isn’t planning for acquirement of center stage for checking accounts, on the contrary brands of financial institutions will get accounts and it will be the responsibility of the banks for thorough compliance and plumbing. Various credit unions and partner banks will provide these checking accounts with the help of Google Pay. It is not clear whether Google will charge any fee for the accounts or not.
The entry in checking accounts is considered one of the biggest endeavors of the company to enter in the market of financial service. Apart from Google, Amazon is planning to introduce its users to checking accounts. In the beginning of present year Facebook has already made an announcement regarding its crypto-currency project. Moreover, Apple and Goldman Sachs introduced credit card to their customers and the Apple-pay service turned into a method for go-to payment for several iPhone users.
While giving a brief interview to the media, Dan Ives said that Google is trying to connect more with consumers through its latest financial service. Ives further stated that the company’s relationship with its users is simply unmatchable and at present it wants to take that relationship to the next level. Prior to this campaign, Google had released several devices like Google Assistance and Nest as well as it has started its business endeavor in the world of wellness and health.